Applied Underwriters has snapped up Generali Group’s US speciality lines division including Generali Warranty Services for an undisclosed sum.
Generali Warranty Services offers extended warranty programs and contractual liability insurance services.
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Applied Underwriters said that the acquired business will be merged with its newly formed Applied Warranty & Insurance Services division.
The insurer expects the acquisition to boost the development and expansion of its product offering across the US.
Applied Underwriters’ chairman Steve Menzies stated that Generali policies and contracts will be honoured during the transition.
As per the terms of the agreement, Jose Luis Menendez will take charge as the president of Applied Warranty & Insurance Services.
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By GlobalDataMenendez served as executive vice president and chief insurance officer during his 17-year long career at Generali’s US insurance business.
Menzies added: “We will immediately assume all risks on a reinsurance basis through North American Casualty’s Continental Indemnity Company and move rapidly into new focal areas through the new Applied Warranty & Insurance Services division.
“We applaud Jose Luis Menendez for his leadership in making Generali’s Specialty Lines Division a formidable entity. We welcome the staff that will join him to ensure continuity.
Menendez said: “We have varied, flexible and market-wise products that prove eminently useful in the real worlds of warranty, travel insurance, personal electronics and such specialities as event ticket cancellation and similar lines.
“Applied will bolster our ability to grow and deliver enhanced and newly designed products.”
Applied Warranty & Insurance Services’ offices will remain in Maimi, Florida.
The deal is subject to regulatory approval.
Applied Underwriters’ operations are spread across the US, UK, EU, and the Middle East.
In February this year, Applied Underwrites completed the acquisition of Centauri Specialty Insurance Company and Centauri National Insurance Company.
